Looks like GBCR is changing its focus:
(BSNS WIRE) GlobalNetCare, Inc.: Announcement
GlobalNetCare, Inc.: Announcement
Business Editors
MONTREAL--(BUSINESS WIRE)--April 7, 2000--GlobalNetCare, Inc.
(Nasdaq:GBCR)(OTCBB:GBCR) announces today that it has entered into a
Letter of Intent to acquire all of the issued and outstanding shares
of BusinessWay Computer Centre Inc. ("BusinessWay") and Cor-bit
Peripherals Inc. ("Cor-bit"). Pursuant to the terms of the Letter of
Intent, GlobalNetCare's wholly owned subsidiary, 3739007 Canada Ltd.,
will issue 40,000,000 exchangeable preferred shares in consideration
of all the issued and outstanding shares of BusinessWay and Cor-bit.
Each exchangeable preferred share will be convertible, at no
additional consideration, into one common share of GlobalNetCare.
Businessway.com and the registered trademark "BusinessWay", are
exclusively held by BusinessWay.
Businessway.com will exist as a multiple e-business site and will
incorporate the operations of Cor-bit as well as market the Cor-bit
line of computers. Businessway.com currently offers services such as
an on-line store and auction website and will add several "e-tail"
applications in the near future. BusinessWay's franchise retail
operations are not included in BusinessWay's assets and will be
retained by the principals of BusinessWay.
Cor-bit is a manufacturer of computers under the name of
"Cor-bit" and is the exclusive supplier of computers to the
BusinessWay franchise operations. Cor-bit has also developed Internet
software that includes a new business-to-business model and data base
search software for products, as well as an innovative access based
inventory management software link that can be used as a just-in-time
management tool. Cor-bit recorded sales of $4.14 million for the year
ending July 31, 1999.
The closing is scheduled for May 10, 2000 unless otherwise agreed
to in writing by the parties, and is subject to obtaining all
necessary regulatory governmental approvals and the conduct of due
diligence by both parties to the transaction, including the execution
of a definitive agreement.
On behalf of the Board of Directors
Nick Pedafronimos, Director
--30--deb/in*
CONTACT: GlobalNetCare, Inc.
Corporate Office
514/421-2294
Email: info@globalnetcare.com
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
SOFTWARE HARDWARE
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